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Reckon we'll hear anything this week?
I'm in for 10k
Mr.P............................£20k Otherwys..................£10k Note: Please copy and paste old list, then ADD your name and £ figure.
Folks, wanted to use this weekend just as a guide to how much we as "Private Investors" can commit if the DCP were to propose 'Rights Issue' next week available to all shareholders including Rasmala & Majedie. I will start the list with names and £ amount against it. Please add your name and £ figure next to it. It's just a hypothetical 'Total' amount at this stage. Will call Panmure Gordon on Monday to get an idea as to the requirements / process for the Rights Issue if DCP were to propose it. Whether they will need to issue a prospectus ?...etc. or simple RNS will suffice. Thanks ALL in advance for your help.
MrP, thanks for your effort & much appreciated. Made it home for less than 24hrs, turned my bag over & out the door again with no end in sight... ATB
Proposal: Open Offer Or Rights Issue: 120m shares @ 2 pence = £2.4m (USD $3m) It's more of an Example to get to the target USD $3m fund raise. Qty of share issue & offer price can be modified to get to the $3m target. Personally I would raise little over $3m as a buffer.
alligin....I quoted 2p as a hypothetical figure to keep it attractive enough for sufficient take up of rights. Proposal: Open Offer Or Rights Issue: 120m shares @ 2 pence = £2.4m (USD $3m) Final details will depend on target fund $ raise....from what I have gathered so far USD $3m is the immediate cash amount needed to restart operations at Lace for de-watering, repair, maintenance, etc. Don't know if that includes the £1m that was raised earlier pending admission of shares to AIM. More detailed projections for the Capex for next 3 years might be published in the Business Rescue Plan by the practitioner (I spoke to her briefly today). She is waiting for reply from PL. In the meantime (over this weekend), I will just try to get a list going for all us Private Investors who can commit certain amount of funds for the take up of our 'Rights Issue'. Don't know if it's going to be underwritten by Panmure, etc. I called PL today but he was out of office. Will drop him a note tomorrow to get his thoughts on the 'Rights Issue' or an OPEN offer for both existing and "New" investors to participate.
Mr P, Thank you very much for your effort, it is appreciated. Just a thought on the possible strategic investor scenario: On 30th March Petra diamonds announced that they would be issuing $600m of 'notes' to restructure its debt with 50% of these going to replace the existing $300m notes, the rest being used to pay bank drawdown facilities, improve liquidity and general corporate purposes. (I must admit I don't fully understand what a note is compared to other methods of funding). Anyway, on 6th April they announced that the issue of new notes would be increased to $650m with no reason being given for the requirement for another $50m within a 7day time frame. It is interesting that the CEO said on 30th that 'this represents a further step forward in the next phase of the Company's development as the eight-year capital expenditure programme at the Group's flagship Finsch and Cullinan mines nears completion'. Given my understanding of Petras objectives this is likely to mean more acquisitions and/or increased exploration. I have long held the belief that Petra is best suited (for technical capability and location reasons) to take over or partner DCP if BRP fails. If this is the case, I only hope that they make a sensible offer with the funds they now have available.
Many thanks for your feedback- it's appreciated and let's hope we have some clarity early next month. I would certainly want to participate in a rights issue, but I am unable to commit to a figure at this stage. I thought the company was looking towards a price of around 4p, or has that now gone out of the window?
If a rights issue materialises I would be in for £10k.
I am guessing here but could the....'Strategic Investor'....be one of the interested parties who made a cash offer for the company back in Oct / Nov at a premium...
Got half the picture so far....after getting answers to my pending questions from the practitioner, might get the full picture by Friday. Good Luck All.
Some more update below from Lebo. Have asked some more specific questions, awaiting reply. Let me lay out key points so far, then people can jump in with their thoughts and to gauge participation and next steps. 1. Rights Issue Can be done during the Business Rescue process. Immediate requirement is R40m (c. $3m) to cover the dewatering of the plant, overheads and repairs and maintenance costs to restart operations. She needs to prepare a business rescue plan and get it published. Once adopted by all affected persons we can implement the rights issue. (I have asked at what stage does practitioner plan to publish the BR plan?). Practitioner will need more clarity and certainty whether 'Rights Issue' will be taken up in Full, by whom, how much, etc. (this will be us Private Investors offering our commitment to the broker to participate/ subscribe for any proposed Rights Issue, e.g on a 1 for 1 ratio). Have asked few other questions, whether Prospectus is needed or just simple invite via RNS will suffice? 2. Block cave mining USD $40m investment will be needed in future months / years to get to the 'Block Cave' mining level, to extract the more valuable & precious diamonds to reflect true value of the Lace diamond mine. Source of funding to get to this stage needs to be described / published in the Business Rescue Plan (my guess) as a viable plan for the company to operate profitably going forward. May be the Strategic Investor(s) will put up the $40m investment needed here ?...have asked the question. 3. Strategic Investor Discussions are ongoing with few interested parties with hopefully firm offers to be received by end of April. In my opinion, practitioner or DiamondCorp will announce the outcome as soon as the investment details are finalised. Let's hope it's sooner than later. My thoughts: Will get better idea, once I get answers to my latest questions. In the meantime immediate cash need seems to be for USD $3m (£2.4m) to commence mining operations at Lace. May be a Rights Issue of 120m shares @ 2p? ......thoughts welcome. May be in the meantime we can work out how much we can participate, e.g. I personally would take 1m @ 2p = £20k.
Getting the feeling been shafted by aim yet again.could not even sell these as a tax break before April 5th.Thank heavens the only aim share I still hold is Solg and fortunately a lot of them.
Can we as shareholders demand a rights issue?
That starts to feel worryingly close
Anyone know if there's a time limit on how long an AIM share can be suspended before it gets delisted? Thanks Otherwys
Spoke to Ed Dyer yesterday, who said new BR Practitioner (Lebogang Mpakati) is dealing with things now. Called Lebo but she had left for the day, as it was bit late in the evening, so I sent her same email that I sent PL few days ago. Got a reply but still few bits not answered. Have asked for more specific details....awaiting reply. Bottom line is they are still pursuing the 'Strategic Investor' and hoping to get firm offers in by end of April. Funding is still needed - I have asked for specific $ amounts to get a better idea of the funding gap. Again asked for the 'Rights Issue' option as a quick route to raise funds and re-start mining operations. Will report later once I have more details.
Probably it will be a very long time before any news
Not even a whisper? Does anyone actually know anything as time drags by.
5 Months, it really is amazing how time flies. I hope we hear something definitive soon. Obviously definitively good would be better than the alternative. Come on DCP, give us some good news.
Let us hope there is some action on the mine opening as it is 5 months since flooding occurred.
Hi Valency, Not yet, planning to call them on Tue after the Easter long weekend. Will keep you posted.
Resurrection in this case is becoming costly (exactly how much $??) due to prolonged delays & feel that the AMCU actions border on criminal obstruction of the business restructuring process as ruled by the Court. I'm sure everyone would agree shareholders deserve a status update. I'm still in the US & doubt I'll receive a reply but will email PL over weekend for what it's worth? MrP, did you receive any response to your recent emails to PL & Practitioner? Wishing everyone a happy & relaxing easter weekend. ATB
Maybe, like Jesus at Easter, DCP will resurrect from the dead. Getting to the point where we need some form of divine intervention.